"Zubin Mehta has become an Ambassador of Good Will representing the State of Israel and has improved Israel's image throughout the world as a result," Peres said, extending the invitation.
The festive concert is scheduled for today evening where IPO will perform works by Strauss, Beethoven and Puccini.
The concert will take place in the garden of Beit HaNassi (President's House) and will include all the musicians of the IPO, conducted by Mehta.
"I have been friendly with President Peres for decades and am one of his great admirers. I am very moved by this great honour. The IPO would have never achieved such worldwide success without the assistance of the State of Israel. After so many years Israel is also a home for me," Mehta said.
Soprano Chen Reiss will also perform at the concert that marks the 75th anniversary of IPO.
Supporters of the orchestra alongwith young adults from the Negev and Galil region of Israel have been invited to attend the concert.
The IPO was founded in 1936 and is a cornerstone of Israeli culture.